The venture capital wing of BMW Group, BMW i Ventures, has reportedly announced funding of USD 300 million to push sustainable technology in supply chains, manufacturing, and transportation.
The company does not function like any other VC fund. Instead, it operates independently from BMW with the German automaker backing it comprehensively.
Previously, it announced an investment of €500 million when the company moved to Silicon Valley in 2016. Now, the period for Fund I is ending and going further, newer investments will be allotted from Fund II.
Digital vehicle and autonomous technology, advanced production, and customer experience were some parameters considered during Fund I. For instance, Kodiak Robotics, an autonomous truck company, announced an investment from BMW i Ventures last week, which was part of Fund I.
Fund II will primarily focus on zero emissions and sustainability across all sectors involved in the design, manufacturing, and production of a car, instead of particularly investing in core car tech.
Managing Partner at BMW i Ventures, Marcus Behrendt, reportedly commented that the firm is currently interested in a sustainable supply chain. BMW Corp. has declared plans to significantly cut down its carbon footprint. This is the reason it is exploring all methods of preventing vehicle emissions as well as emissions produced during the process of car manufacturing and development.
Since the end of 2019, BMW i Ventures has been making such sustainable investments into companies like Turntide Technologies, a developer of the smart electric motor systems, Boston Metal, a company committed to metal decarbonization, and Solid Power, a company developing solid-state battery technology.
Mr. Behrendt supposedly stated that BMW i Ventures’ recent investment activities highlight the significance of Fund II. The firm has already made its first investment from Fund II in a U.K-based used car marketplace, Motorway.
Kasper Sage, the Managing Partner at BMW i Ventures, apparently commented that financial goals and providing strategic value to the BMW Group are the two primary goals of the firm at present.
Source Credits:
